DoorDash Partners with Stripe-Backed Blockchain to Introduce Stablecoin Payments

DoorDash and several fintech companies are integrating stablecoins into their payment systems using Tempo, a blockchain platform developed by Stripe and Paradigm, marking a significant step towards mainstream adoption of blockchain-based finance. Tempo, a payments-focused blockchain, has announced that companies such as DoorDash, Stripe, Coastal Bank, and Latin American fintech ARQ are now using or preparing to use stablecoin-based payment systems. DoorDash, operating in over 40 countries with nearly $75 billion in sales for local merchants last year, is working with Tempo to introduce stablecoin-powered payouts for merchants, initially focusing on cross-border transactions where speed and cost are crucial. According to DoorDash co-founder Andy Fang, 'stablecoins have the potential to transform financial infrastructure.' While the exact timeline for the rollout of stablecoin payments at DoorDash has not been disclosed, Stripe is utilizing Tempo as a core component for its money movement products, enabling businesses to send, receive, and hold stablecoins alongside traditional currencies. The goal is to make global payments 'fast, cheap, and borderless,' as stated by Neetika Bansal, Stripe's head of Connect and money management. With stablecoins representing a $300 billion crypto asset class, Stripe, a global payments firm processing nearly $2 trillion in annual payments, has made blockchain and stablecoins central to its ambitions. The company has acquired stablecoin infrastructure firm Bridge for $1.1 billion and crypto wallet provider Privy, and has developed Tempo in partnership with crypto investment firm Paradigm. Tempo, which went live last month with infrastructure partners like Mastercard, UBS, Klarna, and Visa, is designed specifically for payment workloads, featuring sub-second settlement, fixed fees, and private transaction channels. To support companies in adopting this technology, Tempo is launching a Stablecoin Advisory service to provide hands-on support for firms transitioning their payment flows to blockchain.